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Investor Claims PNC Lowballed National City Offer

Law360 (January 8, 2009, 12:00 AM EST) -- A National City Corp. shareholder has filed a proposed class action alleging that the financial services company's former board of directors and its officers secured an artificially low price and secured questionable side benefits when they agreed to sell National City to PNC Financial Services Group Inc. in October.

According to the complaint, filed Wednesday in the U.S. District Court for the Northern District of Ohio, National City's directors secured the “extinguishing” of any outstanding derivative suits linked to accounting violations, insider trading and other irregularities...
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